Shenzhou International Group Holdings Ltd

02313: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$315.00	Fnbltm	Jrbvxffst

Lowering Shenzhou’s Forecast on Nike and Adidas’ Lackluster Results; Shares Remain Undervalued

Ivan Su

Aug 4, 2022

Adidas’ second-quarter results suggest we were too optimistic about supplier Shenzhou’s 2022 outlook, and we are lowering our near-term revenue and margin estimates accordingly. After adjusting our models, we lowered our Shenzhou fair value estimate to HKD 140 per share from HKD 171, but we still think shares are undervalued.

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